
The Windfall Gains Tax – plunder or taxation?
Finally, after an almost 5-month wait, the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 was released on 13 October 2021. The Bill establishes a new Act called the Windfall Gains Tax Act 2021. The purpose of this article is to discuss some of the headline items and issues regarding the Windfall Gains Tax.

‘Liquid gold’ – the valuable tax concessions for a Members Voluntary Liquidation (MVL)
Companies may be voluntarily liquidated for a number of reasons, such as to reduce risk from previous activities of the company, to reduce annual compliance costs, or to resolve shareholder disputes, amongst other reasons. In certain circumstances, a voluntary liquidation can also be a tax effective means of extracting wealth out of a company.